Classic Furniture goes into receivership

Irish retailer Classic Furniture has gone into receivership, blaming pressures from creditors and landlords for the move.

The firm has closed two of its seven outlets immediately, with Sligo and Navan shutting their doors.

However, the remaining five stores in Kilkenny, Blanchardstown, the Kylemore Road, Coolock and Carrickmines will continue to trade pending an assessment by the receiver.

Classic Furniture, which was established in 1986, currently employs 75 people. Eight jobs have been lost with the closure of the two stores, with five redundancies in Sligo and three in Navan.

Kieran Wallace of KPMG has been appointed as receiver to the company following a request from Classic Furniture's directors.

The latest announcement follows a spate of bad new for the retail sector in Ireland.

In January, Land of Leather said it was to close 33 of its 109 stores, including four Irish stores in Cork, Galway and Sligo.

Shoe retailers Barratts and Priceless Shoes have also gone into administration in recent weeks, while troubled retailer Zavvi is closing outlets in Kilkenny and Arklow, Co Wicklow, with the loss of 25 jobs.